Capital city house prices fall in May: RP Data

By a staff reporter

The value of houses across Australia’s capital cities fell in May on the back of lower consumer confidence, according to RP Data-Rismark.

The RP Data-Rismark index dropped for the second consecutive month, falling 1.2 per cent in May after edging 0.5 per cent lower in April.

These results followed a 2.8 per cent increase over the first quarter of this calendar year.

The worst performing capital city in the index was Melbourne, which fell 1.9 per cent for the month.

Perth’s housing market performed the strongest, growing 1.9 per cent.

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Good. Affordable housing is of course an unpopular topic with Big Property - which comprises the property developers who profit from flogging developments (such as those on Brisbane's flood plains), the estate agents who by virtue of their % cut benefit from high house prices, the media who make a fortune from property liftouts, the politicians who benefit from Big Property donations, and the banks which are milking mortgagees dry.
House prices will have to fall much lower before I'd consider buying a house in Australia. The price of a house is far more important to me than current interest rates which can head in either direction quickly. Consumers are starting to look more carefully at prices and will cut back on purchases that are lacking in value.
People spend too much of their life looking at property (including those dreadful DIY TV shows) and it seems like something only in English speaking countries then to do (except effective small city states like Singapore and Hong Kong where land is actually scarce) because people see no other aim in life than to amass property find a partner and nest. The rest of the world is either starving, stuck in poverty and a small minority decides to travel the world. Wonder whether it is more meaningful to tell your kids you own the whole street or the fact you had a wonderful adventure travelling the world. You can't bring anything into the world with you and can't take anything with you when you die. The latest episode in Fools Paradise is reverse mortgages, you spend 30 years paying P&I to the bank and then they pay your principle back and add interest to it. Brilliant!